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Home   »   ETFs : SPDR® Barclays Investment Grade Floating Rate ETF (FLRN)
FLRN

SPDR® Barclays Investment Grade Floating Rate ETF

Fund Objective

The SPDR® Barclays Investment Grade Floating Rate ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays U.S. Dollar Floating Rate Note < 5 Years Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/20/2014
Ticker SymbolFLRN
Primary BenchmarkBarclays U.S. Dollar Floating Rate Note < 5 Years Index
CUSIP78468R200
Short Selling AllowedYes
Options AvailableYes
Gross Expense Ratio0.15%
Inception Date11/30/2011
Investment ManagerSSgA Funds Management, Inc.
Management TeamFloating Rate Cash Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/17/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

1.98
Average Price$100.33
Average Spread36.2
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
0.50%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

0.71%
Dividend Yield

Fund Dividend Yield is the sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

Index Dividend Yield is the weighted average of the underlyings’ indicated annual dividend divided by price, expressed as a percentage.

0.59%
Modified Adjusted Duration

Modified Adjusted Duration

An option-adjusted measure of a portfolio's sensitivity to changes in interest rates.  Calculated as the percentage change of a portfolio’s value for a 100 basis point change in yield.

0.12 years
Number of Holdings345
Yield To Maturity

Average Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

0.50%

30 DAY SEC YIELD

As of 04/16/2014
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.

0.38%

Index Characteristics

As of 04/18/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

2.06
Average Price$100.36
Average Spread41.5
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
0.57%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

0.78%
Modified Adjusted Duration

Modified Adjusted Duration

An option-adjusted measure of a portfolio's sensitivity to changes in interest rates.  Calculated as the percentage change of a portfolio’s value for a 100 basis point change in yield.

0.12 years
Number of Holdings410
Yield To Maturity

Average Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

0.57%

Fund Documents

Fund Market Price

As of 04/16/2014
Bid/Ask$30.60
Closing Price$30.59
Day High$30.69
Day Low$30.59
Exchange Volume (shares)2,646
Premium/Discount-0.01%
Premium Discount to Nav Chart

Fund Net Asset Value

NAV

Market value of a mutual fund’s and ETF’s total assets, minus liabilities, divided by the number of shares outstanding

As of 04/16/2014
Price$30.60
Shares Outstanding11.60 M
Total Net Assets$355.01 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 04/16/2014
Net Cash Amount$5,587,700.52

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Graphs

Month End as of 03/31/2014

Fund Inception Date: 11/30/2011

Index Inception Date: 10/01/2003

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays Investment Grade Floating Rate ETF" bmarkName="Barclays U.S. Dollar Floating Rate Note &amp;lt; 5 Years Index "><funds><field>1 Month</field><fund>0.06</fund><index>0.08</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>0.19</fund><index>0.25</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>0.19</fund><index>0.25</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>0.93</fund><index>0.97</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>1.27</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>2.63</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>2.31</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>1.96</fund><index>2.25</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 11/30/2011

Index Inception Date: 10/01/2003

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays Investment Grade Floating Rate ETF" bmarkName="Barclays U.S. Dollar Floating Rate Note &amp;lt; 5 Years Index "><funds><field>1 Month</field><fund>0.06</fund><index>0.08</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>0.19</fund><index>0.25</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>0.19</fund><index>0.25</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>0.93</fund><index>0.97</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>1.27</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>2.63</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>2.31</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>1.96</fund><index>2.25</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/17/2014
NameWeightMarket ValueIsin
GOLDMAN SACHS GROUP INC .6836 03/22/20161.63%5,773,170.98US38141GEG55
TORONTO-DOMINION BANK .4164 05/01/20151.21%4,310,999.42US89114QAJ76
JPMORGAN CHASE & CO .6866 04/23/20151.11%3,931,229.69US46623EJX85
KOMMUNALBANKEN AS .6144 03/27/20171.06%3,777,031.39US50048MAN02
TORONTO-DOMINION BANK .6951 09/09/20160.99%3,516,041.22US89114QAL23
JPMORGAN CHASE & CO .8544 02/26/20160.94%3,347,571.07US46623EJV20
JPMORGAN CHASE & CO .9834 05/02/20140.91%3,233,348.78US46623EJH36
NATIONAL AUSTRALIA BANK .5264 01/22/20150.88%3,115,923.86US63253WAC55
VERIZON COMMUNICATIONS 1.7634 09/15/20160.84%2,986,121.26US92343VBL71
MORGAN STANLEY .7065 10/15/20150.80%2,850,453.85US61746SBQ12
Download All Holdings XLS

Index Top Holdings

As of 04/18/2014
NameWeightIsin
TORONTO-DOMINION BANK .4164 05/01/20150.97%US89114QAJ76
TORONTO-DOMINION BANK .6951 09/09/20160.81%US89114QAL23
GOLDMAN SACHS GROUP INC .6836 03/22/20160.81%US38141GEG55
JPMORGAN CHASE & CO 1.1386 01/25/20180.79%US46625HJF82
JPMORGAN CHASE & CO .9834 05/02/20140.78%US46623EJH36
VERIZON COMMUNICATIONS 1.7634 09/15/20160.75%US92343VBL71
ROYAL BANK OF CANADA .4604 01/06/20150.73%US78008SVJ22
MORGAN STANLEY .7065 10/15/20150.72%US61746SBQ12
GENERAL ELEC CAP CORP .4934 09/15/20140.71%US36962GK948
INTER-AMERICAN DEVEL BK .6846 05/20/20140.68%US45818WAE66

Fund Sector Allocation

As of 04/17/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/17/2014</asOfDate><attributes><attribute><rawValue>59.378524</rawValue><value>59.38%</value><label>CORPORATE - FINANCE</label><order>1</order></attribute><attribute><rawValue>22.295013</rawValue><value>22.30%</value><label>CORPORATE - INDUSTRIAL</label><order>2</order></attribute><attribute><rawValue>15.927671</rawValue><value>15.93%</value><label>NON CORPORATES</label><order>3</order></attribute><attribute><rawValue>2.044634</rawValue><value>2.04%</value><label>CASH</label><order>4</order></attribute><attribute><rawValue>0.354158</rawValue><value>0.35%</value><label>CORPORATE - UTILITY</label><order>5</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code></component>

Index Sector Allocation

As of 04/18/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/18/2014</asOfDate><attributes><attribute><rawValue>57.96104</rawValue><value>57.96%</value><label>CORPORATE - FINANCE</label><order>1</order></attribute><attribute><rawValue>21.950569</rawValue><value>21.95%</value><label>CORPORATE - INDUSTRIAL</label><order>2</order></attribute><attribute><rawValue>19.810197</rawValue><value>19.81%</value><label>NON CORPORATES</label><order>3</order></attribute><attribute><rawValue>0.278193</rawValue><value>0.28%</value><label>CORPORATE - UTILITY</label><order>4</order></attribute><attribute><rawValue>1.0E-6</rawValue><value>0.00%</value><label>OTHER</label><order>5</order></attribute></attributes><code>BMARK_SECTOR_ALLOCTAION</code></component>

Fund Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/17/2014
Aaa14.32%
Aa27.09%
A49.39%
Baa9.20%

Index Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/18/2014
Aaa14.33%
Aa27.95%
A48.58%
Baa9.14%

Fund Maturity Ladder

As of 04/17/2014
0.00-1.00 Years25.35%
1.01-2.00 Years28.06%
2.01-3.00 Years30.90%
3.01-5.00 Years15.54%
5.01-7.00 Years0.14%

Index Maturity Ladder

As of 04/18/2014
0.00-1.00 Years21.29%
1.01-2.00 Years27.55%
2.01-3.00 Years34.88%
3.01-5.00 Years16.28%

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

Barclays is a trademark of Barclays, the investment banking division of Barclays Bank PLC (“Barclays”) and has been licensed for use in connection with the listing and trading of the SPDR Barclays ETFs. The products are not sponsored by, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of investing in them.

Unless otherwise noted all information contained herein is that of the SPDR Barclays Investment Grade Floating Rate ETF.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Floating Rate Cash Team

Senior Portfolio Manager Thomas Connelley Vice President Show Bio

Tom is a Vice President of State Street Global Advisors and a Senior Portfolio Manager in the Cash Group. He is responsible for total rate of return Short Duration strategies such as Ultra Short Term Fixed Income and 1-3 year multi-sector funds that help clients bridge the gap between traditional cash portfolios and longer dated fixed income solutions. Prior to his current role, Tom was a Senior Portfolio Manager for the US Cash Management Group where he managed a variety of cash portfolios and securities lending cash collateral pools.

Prior to joining SSgA in 2003, Tom was a Portfolio Manager at Standish Mellon Asset Management, where he was responsible for a variety of short- and intermediate-term fixed income mandates.

Tom received a BS in Management, with a concentration in Finance, from Bryant University. He has earned the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society.

Senior Portfolio Manager Bo Jackson Vice President Show Bio
Robert "Bo" is a Vice President at State Street Global Advisors and a Senior Portfolio Manager in the US Cash Management Group. Prior to joining SSgA in March 2005, Bo was Senior Trader/ Portfolio Manager with Investors Bank and Trust Company in Boston for over 8 years. While at IBT, he was responsible for that firm's short term cash investments, with particular focus on Securities Lending cash reinvestment. Prior to IBT, Bo worked in various secondary marketing roles in the mortgage industry. Bo has worked in the investment management field since 1996. Bo holds a Bachelor of Science degree in Finance from the University of Massachusetts and a Master of Science degree in Finance from Bentley College.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

Barclays U.S. Dollar Floating Rate Note < 5 Years Index

The Barclays U.S. Dollar Floating Rate Note < 5 Years Index consists of debt instruments that pay a variable coupon rate, a majority of which are based on the 3-month LIBOR, with a fixed spread. The Index may include U.S. registered, dollar denominated bonds of non-U.S. corporations, governments and supranational entities. Excluded from the Index are fixed rate bullet bonds, fixed-rate puttable and fixed-rate callable bonds, fixed rate and fixed to floating capital securities, bonds with equity-linked features (e.g. warrants and convertibles), inflation linked bonds and securitized bonds. The Index is market capitalization weighted and the securities in the Index are updated on the last calendar day of each month.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

 

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; issuer credit risk; liquidity risk; and inflation risk.

 

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

 

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Premium Discount to NAV

As of 04/16/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Barclays Investment Grade Floating Rate ETF FLRN $30.60 $30.59 $30.60 -0.01%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.